- Sterling is struggling to pick itself up as the GBP/USD slides in rough chop.
- Upcoming UK earnings figures to draw some attention before markets quickly shift back to Brexit voting.
The GBP/USD is sedate ahead of London’s Tuesday market session, with the pair in play around 1.3365.
The Trump-Kim summit proved to be a non-starter through the early session, and traders are focusing on the upcoming UK data, with Average Earnings (excluding bonuses) expected to print at 2.9%, in line with the previous figure, at 08:30 GMT.
US data will also be dropping CPI figures later on at 12:30 GMT, which is expected at 2.2%, a minor uptick from the previous period’s 2.1%.
Brexit: the 15 amendments in brief – TDS
The Sterling is hesitating ahead of a week that brings a tense series of votes for the UK’s parliament, which is looking to insert itself more forcefully into the ongoing Brexit negotiation process, to the chagrin of Prime Minister Theresa May, who is struggling to strike the balance between separatists in her own government, and EU leaders in Brussels.
Brexit: likelihood of key amendments passing – TDS
GBP/USD Technical Analysis
Sterling is facing a strengthening downward channel, a lack of good news from the UK Average Earnings could price in a continuation of bearish action as Brexit votes in the UK’s parliament cap bullish potential.
Spot rate: 1.3365
Relative change: -0.10%
High: 1.3383
Low: 1.3346
Trend: Flat to bearish
Support 1: 1.3344 (current week’s low)
Support 2: 1.3294 (previous week’s low)
Support 3: 1.3204 (major psychological handle, major technical bottom)
Resistance 1: 1.3441 (current week’s high)
Resistance 2: 1.3471 (technical recovery top)
Resistance 3:1.3503 (161.8% 1-Day Fibonacci level)
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